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HomeMy WebLinkAbout0509 . . ~ , ' ` ~ • ' • • ~ 1 ~r ~ f ~ . T~t1ViS AND COle1~IfiI~N~ ~ 1. TITI.E AND BECURITY II~'TERE~P. For the purpos~e of securing the obI3gatlone hereunder, 9ELLER reearvee titl~, at?d shall have a eecurity fnterest, in stiid equipment~ including all ec~uipment, attachmenGs and aooesaories now or _ hereafter attarhed to or placaed on aaid eQulpment, until the balance due hereunder is fully paid in cash, and all the oonditiona hereln oontained are fulfllled~ and only thereupon will titlo and ownersliip pasa ta BUYER. BUYER ahall~ if Certi~icate of Ti~le and/or Regiatration be required by law in respect of any item of equipment~ obtain auch Certificat,e and/or Registration showing the lien hereof and do evarything necessary to expedite~ to preserve~ or perfect such lien. 2. AS9IGNMENT. • A. BUYER ehatl not asaign this Contract nor shall thia Contract or any righta to the equipment oovered hereby inure to the bene8t of any trustee in bankruptcy, receiver~ trustee or aucce~or of BUYER or ita property~ whether by operation of law or otherwise, without the written oonsent of SELLER. In no event ahall eny tranafer, renewal, extension or assignment of thi~ Contract, or int8r~t hereunder, or any loes, damage or destruction of said equipment release BUYER from his ~ obligations hereunder. ; B. 3ELLER mey aesign or otherwiae tranafer this Contract and the amounta due or to become due hereunder and if so aseigned a~id tranaferred, it ahall be free of any and all counterclaims, ot~'seta, defenaes or cro~s-oomplaints as against auch ' ~ignee~ BUYER reserving auch renzediae hereunder solely against $ELI.ER. The term "SELLER" wherever used in this Contract ic~cludes SEI,LER'8 sucoessore and Rsaigns, except as may be otherwise stated herein. r. ~ ~ 3. INSURANCE. • A. BUYER, at it$ own expense, (i) ehall carry adequate public liability inaurance againat bodily injury~ including . death, and against proper~y damage, (u) shall keep all equipment insuretl at the full inaurebte vaiue thereof against ftre, theft (broad form) and windatorm, and (iii) shal! carry oollision insurance on each item of equipment. All inaurence on the equipment shall be with losses. if any. payable to SELLER or its aasigns as Lheir intereats may appear, BUYER shall furniah $ELLER with certificates of insurance evidencang the ooverage required herein, which certificates ahall provide for ten (10) daya' notice of cancellation by the insurer to SELLER. ~ B. It is expresaly .und~ratood and agreed that BELLER is not requu~ed to pmcure or purchase any inaurance or to ~ eYtend credit to HUYER for the price of any insurance except to the extenC indicated on the face of thie Contract. If the oost of such insurance is not included t~erein and BUYER does not deliv~r evidenc~e of such insurance to 3ELLER within ten (10) days from the date hereof or prior to termination of any isaued inswrance, ae the case may be~ the SELLER may but is not obligated to purchase same, and it~ that event, BUYER agrees to pay the premium thersfor as an additional part - of ~he obligation secured hereunder, together with interest thereon at the high~t lawful oontract rate. either on detnand or in equal installments cancurrently with the inatallments of the unpaid balanoe then remsining payable hereunder~ at the ~ sole option of SELLER. ~ , C. BUYER hereby aesigna to SELLER the proceeds of all such inauranc~ (including any refund of premiwns) to ti-ie extent of the balance unpaid hereuraier, directs any insurer to make payment directly to 3ELLER, appoints 3ELLER as Attomey-in-Faet to endorse any draft~ and authorizes 9ELLER to apply such proceeda to the payment of inataltments due or to become due hereunder or toward the i+eplacement of the property~ at the aote option of SELLER. 4. TAXF.S. BUYER sha11 pay alt taxes, aasessments or license fees that may be assessed against the equipment, or the manufacture~ transportation, asle~ use or mortgage thereof or of any matter c~onnected therewith or on this instrumant and PhaU reimbuise SELLER for amounts equal to any taxes, fees, and a.gsessmenta howsoever designated, levied or based upon thia Contract or the equipment or use or operation thereof, or any ta~ces, fees and asaesaments or amounts in lieu thereof ' paid by or payable by SELLER in respect of the foregoing~ exclusive of franchise taxes and taxes measured by the net inoome - of SELLER. 5~ WARRANTY. A. No warrenty, ezpress or implied, and no repreaentations, promisea, or atatement$ have been made by BELLER ~ unl~s endoraed hereon in writing, except that if the equipment covered by this Contract is new equipment, $ELLER (but . not SELLER'3 esaignee) hereby adopte the werranty against defective materiala or workmanship as set forth in the manu- fecturer'~ current warranty ~pplying to auch new equipment. BUYER agreea that any desctipteon of the year and model of the equipment on the face of this Contract is for identification purposes only and doea not oonetitute a repreaentation or ~ warranty as to same. ~ B. SELLER will deliv~r to BUYER the manufacturer's warrsnty form for each new item of equipment to enable ~ BUYER to obtain customary warranty service furnished therefor by the manufacturer through its dealers. . 6. CARE OF EQUIPMENT. A. BUYER covenanta that the equipment hae been received and 'u in good oQndition snd rep~ir and covenanta to take the best care of the equipment at BUYER'S own e:penee. BUYER shall provide and pay for, at it~a own eapen~e, all . repairs, replacement$, Parta, supPlies, labor and toola as ahall be nece~eary to keep and maintait? the equipiaent in Srat claes mechanical condition and repair. All repairs, replacem~nta, parte, aupplies, acceaeoriea, attachmenta and devicea furnished or af~ed to euch equipment ehall thereupon, unleee otherwise agreed in writing, beoome tbe pr~perty of SELLER. ~ELLER shall not be liable to BUYER far ~ny toee, damage, or ezpenee of any l~ind or mattsr caused, ciirectly or indixectly, by aay : equipment sold hereunder, or by tbe use or maintenance thereof, or repair~, ocrvicing or adjuatmenta tbareto~ or by any ~ delay or failure to provids any of the eame, or by any interruption of eervice or loa~s of uee thereof~ or for any laee of bwiness, or danu~gs wLatwev~r and howsoevear cau~ed. , B. BUYER shall not permit anyone to injure~ deface or remove any ptate or description showing manufacturer's serial number. model number arid the like eet farth on the equipment. BUYER agrees to furnish, maintain and replaoo tirea on ,eaid equipment at BUYER'S e:penee, which tires shall be free of liene aiad beoome the preperty of the $ELLER. _ . G In the event that the equipment ehall not, in the opinion af tbe 9ELLER, bo msintained in good and eE&cient ~ working order, oondition and repair as hereinabove pmvided, the 9EI.I.ER ivitbout ~ej~dice to any other of ita righta or . remediea may give written notice to BUYER to put such e+quipment in good working order and oondition, and nplaoe any bmken perts (including worn or dame~ged tiree)~ and in the event BUYER doea not, within thirty (30) daye f:am the date of such notioe~ aomply with the rsquinments therein eet forth~ the 3ELLER may (but ia not obiigated tfl) cau~e such equip- ment to be put in good working order nnd oondition, tho ezpeiss~ thereof to be paid by the BLTYER upc?n dema~d. ~ ~4~'r ;:.(~~i~~ ' , .